(REIT) Summary of Financial Report for the Fiscal Period Ended February 2023

REIT Securities Issuer:
Securities Code:
Representative:

April 18, 2023
Listing: Tokyo Stock Exchange
URL: https://xymaxreit.co.jp/en/index.html

XYMAX REIT Investment Corporation
3488
Shotaro Kanemitsu, Executive Director

Asset Management Company: XYMAX REAL ESTATE INVESTMENT ADVISORS Corporation
Representative:
Shotaro Kanemitsu, Representative Director and President
Contact:
Tatsuya Nakayama, Head of REIT Management Department
TEL: +81-3-5544-6880
Scheduled date for submission of securities report:
Scheduled date for commencement of distribution payment:
Supplementary materials for financial results:
Financial results briefing session:1.

May 30, 2023
May 24, 2023

Yes
Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen)
Status of Management and Assets for the Fiscal Period Ended February 2023(from September 1, 2022 to February 28, 2023)(1) Results of Operations(% figures are the rate of period-on-period increase (decrease))

Fiscal period
ended Feb. 2023
Fiscal period
ended Aug. 2022

Operating revenue
million yen
%
1,646
1,874

(12.2)
16.3

Net income per unit

yen

Fiscal period
ended Feb. 2023
Fiscal period
ended Aug. 2022

(2) Distribution

Operating income
million yen%
908(19.0)

1,121

18.5

Return on equity

3,261

3.1

4,022
Distribution
per unit(excluding
distribution
in excess ofearnings)
yen

Total
distribution(excluding
distribution
in excess ofearnings)
million yen%

Ordinary income
million yen
%
815

1,004

15.3

Ratio ofordinary income tototal assets

%

1.7

4.0
Distribution
in excess ofearnings
per unit(18.8)Net income
million yen

%

1,003

15.3

814

Ratio ofordinary income tooperating revenue

2.2
Total
distribution
in excess ofearnings(18.9)

Payout ratio

%

49.5
53.6

Ratio ofdistribution to
net assetsyenmillion yen%%
Fiscal period
3,262
814
100.0
3.1
ended Feb. 2023
Fiscal period
4,007
1,000
12
2
99.7
3.8
ended Aug. 2022
(Note 1) Distributions in excess of earnings for the fiscal period ended August 31, 2022 consist only of the allowance fortemporary difference adjustment.
(Note 2) Payout ratio in the above table is calculated by following formula;
Payout ratio = Total Distribution (excluding distributions in excess of earnings) ÷ Net income × 100
In addition, payout ratio for the fiscal period ended August 2022 was 100.0% using the formula of Total Distribution(including distributions in excess of earnings) ÷ Net income × 100(Note 3) Ratio of distributions to net assets in the above table is calculated by following formula;
Ratio of distributions to net assets = Distribution per unit (excluding distributions in excess of earnings)÷{ (Net assets
at beginning of period＋Net assets at end of period)÷ 2}×100
In addition, Ratio of distributions to net assets for the fiscal period ended August 31, 2022 was 3.8% using formulaof Distribution per unit (including distributions in excess of earnings)÷{ (Net assets at beginning of the period＋Net
assets at end of the period)÷ 2}×10- 1-

(3) Financial Position
Fiscal period
ended Feb. 2023
Fiscal period
ended Aug. 2022

(4) Cash Flows2.

Fiscal period
ended Feb. 2023
Fiscal period
ended Aug. 2022

Total assets
million yen

Net assets
million yen

48,66926,440Net cashprovided by (used in)operating activities
million yen

Net cashprovided by (used in)investing activities
million yen

Net cashprovided by (used in)financing activities
million yen

Cash andcash equivalents
at end of period
million yen

2,218(7,657)

6,202

4,063

48,3141,139

Equity ratio

26,254(107)%

Net assets per unit
yen

54.3

105,90954.3(1,233)

105,163

3,862

Operating Forecasts for the Fiscal Period Ending August 2023 (from March 1, 2023 to August 31, 2023) and Fiscal PeriodEnding February 2024 (from September 1, 2023 to February 29, 2024)(% figures are the rate of period-on-period increase (decrease))

Operating revenue Operating income

Ordinary income

Net income

Distribution
per unit(excluding
distribution
in excess ofearnings)

Distribution
in excess ofearnings
per unit

mn yen% mn yen% mn yen% mn yen%yen
yenFiscal period
1,666
1.2
862
(5.1)
768
(5.7)
767
(5.7)
3,074
ending Aug. 2023
Fiscal period
1,648
(1.1)
863
0.1
752
(2.1)
751
(2.1)
3,010
ending Feb. 2024
(Reference) Forecast net income per unit
(Forecast net income ÷ Forecast total number of investment units issued and outstanding at end of period)
Fiscal period ending August 2023: 3,074 yen Fiscal period ending February 2024: 3,009 yen* Other(1) Changes in Accounting Policies, Accounting Estimates, and Retrospective Restatements
i. Changes in accounting policies accompanying amendments to accounting standards, etc.:
ii. Changes in accounting policies other than i.:iii. Changes in accounting estimates:
iv. Retrospective restatements:

None
None
None
None

(2) Total number of investment units issued and outstandingi. Total number of investment units issued and outstanding (including treasury investment units) at end of period
Fiscal period ended Feb. 2023
249,650 units
Fiscal period ended Aug. 2022
249,650 units
ii. Number of treasury investment units at end of period
Fiscal period ended Feb. 2023
0 units
Fiscal period ended Aug. 2022

0

units

* This Summary of Financial Report is not subject to the audit by the certified public accountant and/or audit corporation* Explanation of Appropriate Use of Operating Forecasts, and Other Matters of Special Note
The operating forecasts and other forward-looking statements contained in this document are based on information currently
available to and certain assumptions deemed reasonable by XYMAX REIT. Accordingly, the actual results of operations, etc.
may differ materially due to various factors. In addition, the forecasts are not a guarantee of the amount of distribution. For
the assumptions underlying the operating forecasts, matters of note in the use of the operating forecasts, etc., please see“Assumptions Underlying the Operating Forecasts for the Fiscal Period Ending August 2023 (from March 1, 2023 to August
31, 2023) and Fiscal Period Ending February 2024 (from September 1, 2023 to February 29, 2024)” on page 3. Accordingly,
the actual operating revenue, operating income, ordinary income, net income, distribution per unit and distribution in excessof earnings per unit may vary due to changes in the circumstances.
This material is a translated excerpt from Financial Report in Japanese released today, and is for reference purposes only. If
any discrepancies arise between this material and the original Japanese version, the later will prevail.
- 2-

Assumptions Underlying the Operating Forecasts for the Fiscal Period Ending August 2023 (from March 1, 2023 to August 31,2023) and Fiscal Period Ending February 2024 (from September 1, 2023 to February 29, 2024)
Item

Accounting
periodAssets undermanagement

Operatingrevenue

Assumption

 Fiscal period ending August 2023 (11th fiscal period)(from March 1, 2023 to August 31, 2023) (184 days)
 Fiscal period ending February 2024 (12th fiscal period)(from September 1, 2023 to February 29, 2024) (182 days) The assumption is that the actual real estate and real estate trust beneficiary rights held by XYMAXREIT as of today (total of 18 properties) (hereinafter, the “current portfolio assets”) will continue to beheld and there will be no acquisition of new properties other than the current portfolio assets throughto the end of the fiscal period ending February 2024 (12th fiscal period).
 Change may arise due to acquisition of new properties other than the current portfolio assets,
disposition of the current portfolio assets, etc.
 Operating revenue from leasing is calculated on the basis of various factors, such as the content of leaseagreements entered into for the current portfolio assets and past tenant and market trends, and by
taking into account various factors, such as the assumed occupancy rate and rent fluctuation projections
based on tenant move-in/move-out and rent level projections.
 Variable rent is budgeted based on the operating budget submitted by the operators and the calculation
method set forth in the Lease Agreement, which is revised conservatively by XYMAX REIT.
[Hotel Vista Sendai]
Fixed rent: 20.5 million yen per month
Variable rent: Calculated by multiplying the amount obtained by dividing the total GOP of past 12
month (including the preceding month) by 12 then subtract 21.5 million yen (Note1), by certain
percentage(Note2)(Note1) If the amount obtained becomes negative, the variable rent for the current month shall be 0 yen.
(Note2) The percentage shall not be disclosed because the consent of the Lessee has not been obtained.

OperatingexpensesNon-operating
expenses

Interest-bearing
liabilities

 The assumption is that there will be no delinquent or unpaid rent by tenants and no gain (loss) on salesof real estate properties.
 Of operating expenses, the main components are as follows:
Fiscal period
Fiscal period
ending Aug. 2023
ending Feb. 2024
(11th fiscal period) (12th fiscal period)
Expenses related to leasing business [Total]
638 million yen
628 million yen
Management fees
110 million yen
111 million yen
Repair expenses
55 million yen
41 million yen
Property taxes
154 million yen
154 million yen
Depreciation
164 million yen
171 million yen
Other than expenses related to leasing business
165 million yen
156 million yen[Total]Asset management fees
96 million yen
95 million yen
 Expenses related to leasing business, which are the main operating expenses, are calculated on thebasis of historical data at XYMAX REIT (historical data disclosed by the previous owner, etc. in the caseof periods for which there is no historical data at XYMAX REIT) and by taking into consideration factors
causing fluctuation in expenses.
 Depreciation is calculated using the straight-line method inclusive of incidental expenses, etc.
 Repair expenses are the amount necessary in each fiscal period as assumed on a property-by-property
basis by the Asset Management Company. However, repair expenses possibly increasing in amount or
additionally arising from unforeseeable factors, the amount generally tending to vary materially fromfiscal year to fiscal year and not being an amount that arises periodically, etc. may result in repair
expenses for each fiscal period differing materially from the forecast amount.
 For the fiscal period ending August 2023 (11th fiscal period), interest expenses and other borrowing
related expenses are assumed to be 89 million yen.
 For the fiscal period ending February 2024 (12th fiscal period), interest expenses and other borrowing
related expenses are assumed to be 106 million yen.
 Issuance cost for the issuance of new investment units will be amortized monthly in three-years fromthe month new investment units issued. 4 million yen in fiscal period ending August 2023 (11th fiscal
period) and 4 million yen in fiscal period ending February 2024 (12th fiscal period).
 The assumption is that total interest-bearing liabilities will be 19,715 million yen at the end of the fiscal
period ending August 2023 (11th fiscal period) and 19,715 million yen at the end of the fiscal period
ending February 2024 (12th fiscal period). Long-term loans of 4,376 million are due in the fiscal period
ending February 2024. The assumption is that these loans will be repaid with funds on hand and funds
procured through loans, etc.
 LTV ratio is expected to be 40.7% at the end of the fiscal period ending August 2023 (11th fiscal period)and 40.7% at the end of the fiscal period ending February 2024 (12th fiscal period). In addition, thefollowing formula is used in the calculation of LTV ratio.
LTV ratio = Total interest-bearing liabilities ÷ Total assets × 100
-3-

Item
Investment units
Distribution
per unit(excluding
distribution
in excess ofearnings)
Distribution
in excess ofearnings
per unit
Other

Assumption

 The assumption is the total number of investment units issued and outstanding is 249,650 units as oftoday and that there will be no change in the number of investment units due to issuance of new
investment units, etc. through to the end of the fiscal period ending February 2024 (12th fiscal period).
 Distribution per unit (excluding distribution in excess of earnings) and distribution in excess ofearnings per unit are calculated on the basis of the forecast total number of investment units issued
and outstanding at the end of the fiscal period ending August 2023 (11th fiscal period) and fiscal period
ending February 2024 (12th fiscal period) of 249,650 units.
 Distribution per unit (excluding distribution in excess of earnings) is calculated based on theassumption that distribution will be in accordance with the cash distribution policy provided in XYMAXREIT’s Articles of Incorporation. The calculation of distribution per unit is based on the assumptionthat fluctuations in the fair value of interest rate swaps have no impact on distributions per unit.
 Distribution per unit (excluding distribution in excess of earnings) may vary due to various factors,
such as fluctuation in rent revenue accompanying change in assets under management, change intenants, etc. or incurrence of unexpected repairs.
 No cash distribution in excess of earnings (distribution in excess of earnings per unit) is scheduled tobe made at this point in time.

 The assumption is that there will be no revision of laws and regulations, tax systems, accounting

standards, listing regulations provided by Tokyo Stock Exchange, rules provided by The Investment
Trusts Association, Japan, etc. that will impact the forecast figures above.
 The assumption is that there will be no unforeseen material change in general economic trends, realestate market conditions, etc.

-4-Financial Statements(1) Balance Sheet

AssetsCurrent assets
Cash and bank deposits
Cash and bank deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes refund receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Investments and other assets
Long-term prepaid expenses
Deferred tax assets
Lease and guarantee deposits
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance costs
Total deferred assets
Total assets

9th fiscal period(As of Aug. 31, 2022)

10th fiscal period(As of Feb. 28, 2023)

1,540,074
2,523,504
37,046
46,125
162,235
882
4,309,869

1,387,993
2,474,091
31,293
48,911
1,496
3,943,785

311,886(8,232 )303,653
1,814
(80 )
1,733
10,659(472 )
10,187
109,618(94,671 )
14,947230,346
10,796,009(907,463 )
9,888,545
61,049(7,655 )53,3930039,429(14,421 )25,00833,661,874
33
44,189,725

311,886(11,785 )
300,100
1,814(114 )
1,699
10,659(675 )
9,984
109,618(97,867 )
11,751
230,346
10,970,581(1,058,300 )
9,912,281
61,049(8,854 )52,1950043,014(17,956 )
25,05733,661,874
104
44,205,397

22,494
22,494
48,669,759

17,995
17,99548,314,961

56,13315
22,60068,921
147,670
44,337,396-5-(Unit: thousand yen)

61,157
10
22,60064,014
147,783
44,353,180

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Derivatives liabilities
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Deduction from unitholders' capital
Allowance for temporary difference
adjustments
Total deduction from unitholders' capital
Unitholders' capital, net(Unit: thousand yen)

9th fiscal period(As of Aug. 31, 2022)

10th fiscal period(As of Feb. 28, 2023)

139,620
345,000
2,796,000
155,651922
247,938
5,454
3,690,587

16,804,000
33,3491,698,290
3,135
18,538,775
22,229,363

15,339,000
33,3491,713,997
270
17,086,617
22,060,798

25,440,013

25,440,013

25,440,013(2,995 )25,437,017

1,003,518
26,443,532

817,416
26,254,434-

Surplus
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

1,003,518(3,135 )(3,135 )*１ 26,440,396
48,669,759-6-

144,126
4,376,000
121,245822
92,151
238,201
1,633
4,974,180*２(2,995 )817,416(270 )(270 )*１ 26,254,163
48,314,961

(2) Statement of Income

Operating revenue
Leasing business revenue
Other leasing business revenue
Gain on sale of real estate property
Total operating revenue
Operating expenses
Expenses related to leasing business
Asset management fees
Asset custody fees
Administrative service fees
Directors’ compensations
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Interest on refund
Gain on forfeiture of unclaimed distributions
Oher
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Amortization of investment unit issuance costs
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)(Unit: thousand yen)

9th fiscal period
From: Mar. 1, 2022
To: Aug. 31, 2022

1,523,202
125,327*２ 226,287
1,874,817*１*１

557,144
125,416
1,108
12,5492,400
54,210752,828
1,121,988

*１

20
108
129

63,45749,8794,425
117,761
1,004,355
1,004,355
925
(2 )
923
1,003,432
86
1,003,518-7-

10th fiscal period
From: Sep. 1, 2022
To: Feb. 28, 2023
*１

1,497,162
148,853
1,646,016*１*１

584,571
97,093
1,275
14,4972,400
37,372
737,209908,806
19
286
175
12
493

63,741
23,194
4,498
2,789
94,224
815,075
815,075825
4
830
814,245
3,171
817,416

(3) Statement of Unitholders’ Equity

9th fiscal period (from March 1, 2022 to August 31, 2022)(Unit: thousand yen)

Valuation and translation
adjustments

Unitholders’ equity

Unitholders’capitalBalance as ofMarch 1, 2022
Changes of items during
periodIssuance of new
investment units

22,585,746
2,854,267

Dividends of surplus

Unappropria
ted retained
earnings(undisposed
loss)

870,452(870,366)
1,003,432

Net income

Net changes of items
other thanunitholder’s equity
Total changes
during period
Balance as ofAugust 31, 2022

Surplus*1

2,854,267

25,440,013

133,065

1,003,518

Total
surplus870,452(870,366)
1,003,432
133,065

1,003,518

-8-

Total
unitholders’equity23,456,198

Deferred
gains orlosses onhedgesTotalvaluation andtranslation
adjustments--

2,854,267

2,987,333

26,443,532

23,456,198
2,854,267(870,366)
1,003,432

Total
net assets(870,366)(3,135)(3,135)(3,135)(3,135)(3,135)(3,135)

1,003,432(3,135)2,984,197

26,440,396

10th fiscal period (from September 1, 2022 to February 28, 2023)

Unitholders' equity

Unitholders' capital

Unitholders’ capital
Balance as of
September 1, 2022
Changes of items during
period25,440,013

Dividends of surplus

Surplus Distributions
due to temporary
difference adjustments
Net income

Net changes of items
other thanunitholder’s equity
Total changes
during period
Balance as ofFebruary 28, 2023

*1-

25,440,013

Unitholders’ equity

Balance as of
September 1, 2022
Changes of items during
periodDividends of surplus

Surplus Distributions
due to temporary
difference adjustments
Net income

Net changes of items
other thanunitholder’s equity
Total changes
during period
Balance as ofFebruary 28, 2023

Deduction fromunitholders' capital

Allowance fortemporarydifference
adjustments-(Unit: thousand yen)

Total deduction
fromunitholders'
capital-Surplus

Unitholders'
capital, net

25,440,013(2,995)(2,995)(2,995)(2,995)(2,995)(2,995)(2,995)(2,995)

Valuation and translation
adjustments

Totalunitholders’ equity

Deferred gains
or losses onhedgesTotal valuationand translation
adjustments

26,443,532(3,135)(3,135)25,437,017

Total
net assets

26,440,396(1,000,347)(1,000,347)

814,245814,245(2,995)(189,097)

26,254,434(2,995)

2,865

2,865

(270)

(270)

2,865

-9-

2,865

2,865

(186,232)

26,254,163

Unappropriatedretainedearnings(undisposed
loss)

Total
surplus1,003,518

1,003,518(1,000,347)(1,000,347)

814,245814,245(186,102)(186,102)

817,416

817,416(4) Statement of Cash Distribution

I.
II.

Classification

Unappropriated retained earnings
Distributions in excess of earnings

9th fiscal period
From: Mar. 1, 2022
To: Aug. 31, 2022

1,003,518,599 yen
2,995,800 yen[Of which, allowance for temporary
difference adjustments]

2,995,800 yen

III. Capitalization[Of which, reversal of allowance for-temporary difference adjustments]
IV. Amount of distribution[Amount of distribution per unit]
Of which, distributions of earnings

Of which, allowance for temporary
difference adjustments[Of which, distributions in excess ofearnings per unit[allowance fortemporary difference adjustments]]
V. Retained earnings carried forward
Method of calculation ofamount of distribution-

2,746,150 yen

2,746,150 yen

814,358,300 yen[4,007 yen]

[3,262 yen]

2,995,800 yen[12 yen]3,171,049 yen
Pursuant to the cash distribution
policy stipulated in Article 35,
Paragraph 1 of XYMAX REIT’s Articles
ofIncorporation,amountofdistribution must be equal or lessthan the amount of profit and exceed
90% of XYMAX REIT’s distributableprofit that is defined by Article 67-15
of the Act on Special Measures
Concerning Taxation. Based on thispolicy, XYMAX REIT has decided to
distribute 1,000,347,550 yen, whichis the maximum value of the integral
multiple of the total number of units
issued and outstanding (249,650
units), not exceeding unappropriatedretained earnings.
In addition, in accordance with the
purpose of the allocation policy
stipulated in Article 35, Paragraph 2of the Regulations of XYMAX REIT, thenet assets deduction item (stipulated
in Article 2, Paragraph 2, Item 30 (b)of the Regulations Concerning
Accountingof
Investment
Corporations) shall have an impact on
distributions, for the fiscal period
under review, the decision was madeto distribute, as an amount equivalent
to 3,135,935 yen of deferred hedge
losses, 2,995,800 yen, which is an
integral multiple of the total numberof investment units issued andoutstanding of 249,650 units, as a
distribution pertaining to the amountof allowance for temporary difference
adjustments.
As a result, the distribution perinvestment unit was 4,019 yen.
-10-

817,416,458 yen-

1,003,343,350 yen[4,019 yen]
1,000,347,550 yen[Of which, distributions of earnings
per unit]

10th fiscal period
From: Sep. 1, 2022
To: Feb. 28, 2023

[3,262 yen]
814,358,300 yen-[-]

312,008 yen
Pursuant to the cash distribution
policy stipulated in Article 35,
Paragraph 1 of XYMAX REIT’s Articles
ofIncorporation,amountofdistribution must be equal or lessthan the amount of profit and exceed
90% of XYMAX REIT’s distributableprofit that is defined by Article 67-15
of the Act on Special Measures
Concerning Taxation. Based on thispolicy, of the amount of profit
stipulated in Article 136, Paragraph 1of the Act on Investment Trusts andInvestment Corporations, less thereversal of the allowance fortemporary difference adjustments(stipulated in Article 2, Paragraph 2,
Item 30 of the Regulations
Concerning Accounting of Investment
Corporations), XYMAX REIT has
decided to distribute 814,358,300
yen, which is the maximum value ofthe integral multiple of the total
number of units issued andoutstanding of 249,650 units.
As a result, the distribution perinvestment unit was 3,262 yen.

(5) Statement of Cash Flows

Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of investment unit issuance costs
Interest income
Gain on forfeiture of unclaimed distributions
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Decrease in property, plant and equipment held in trust due to
sale
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Increase in long-term loans payable
Decrease in long-term loans payable
Revenue from issuance of investment units
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 11 -

9th fiscal period
From: Mar. 1, 2022
To: Aug. 31, 2022

1,004,355
158,887
4,425(20 )(108 )
63,457(17,634 )(162,235 )(4,348 )50,140(53,595 )(142,898 )
44,945(2,034 )1,362,607(Unit: thousand yen)

10th fiscal period
From: Sep. 1, 2022
To: Feb. 28, 2023

815,075
162,568
4,498(19 )(175 )
63,741
5,753
162,235(2,785 )(31,394 )(34,405 )92,151(9,736 )(5,024 )-(23,011 )2,282,931
20(63,384 )(879 )
2,218,687(18,023 )
1,204,458
19(63,697 )(925 )
1,139,855

345,000(1,100,000 )
5,000,000
2,827,347(869,849 )
6,202,497
763,732
3,299,845*１ 4,063,578(345,000 )
2,911,000(2,796,000 )(1,003,857 )(1,233,857 )(201,494 )
4,063,578*１ 3,862,084(3,597 )(7,942,083 )(68,015 )356,243(7,657,452 )(123,198 )(2,157 )17,864(107,491 )